Hollywood strike weighs on Kinepolis’ visitor numbers in first half of 2024, but line-up for the rest of the year is promising
August 22 2024 - 1:00AM
UK Regulatory
Hollywood strike weighs on Kinepolis’ visitor numbers in first half
of 2024, but line-up for the rest of the year is promising
Hollywood strike weighs on Kinepolis’ visitor numbers in
first half of 2024, but line-up for the rest of the year is
promising
Regulatory release
22 August 2024, 7:00 am CET
Kinepolis had a challenging first half of the
year, as expected, with fewer visitors due to a poor blockbuster
offering. Last year's long strike in Hollywood prevented a return
to the rich film offering from before the pandemic, but improvement
is heralded. Since June, a turnaround has begun thanks to the
success of 'Inside Out 2' and 'Deadpool & Wolverine', among
others, and numerous big releases are planned in the autumn,
including the highly anticipated 'Joker: Folie à Deux', 'Gladiator
II' and 'Moana 2'.
Revenue, EBITDA, EBITDAL and profit decreased in
the first half compared to the same period last year, due to the
decline in visitor numbers. In contrast, revenue per visitor
increased slightly again. Kinepolis remains an industry leader in
terms of financial results and continues to invest in innovation
and premium movie experiences that lead to higher customer
satisfaction and revenue growth per visitor, and contribute to the
Group's long term performance development.
Important achievements H1
2024
- Opening of 12 new ScreenX theatres
in Europe and North America
- Opening of 6 new Laser ULTRA
screens (Belgium, France, US)
- Further rollout of VIP Seats (US),
Premiere Seats (Canada) and Cosy Seats (Europe)
- Renovation of acquired cinemas
Kinepolis Amnéville and Béziers (FR)
- First edition Kinepolis Innovation
Lab Summit
- Kinepolis receives 2024 Milestone
Award at CineEurope in Barcelona
- Appointment of Mr Pieter-Jan Sonck
as new CFO
Key figures H1
20241
- Total revenue
amounted to € 242.8 million, down 14.9% compared to the same period
in 2023. Thanks to a slight increase in sales per visitor (tickets,
drinks and snacks), revenue decreased less than visitor numbers
(-16.7% visitors compared to the first half of 2023).
- EBITDA in the
first half was € 54.4 million, versus € 82.0 million in 2023, and
EBITDAL (EBITDA adjusted for leases) was € 37.1
million, versus € 64.3 million in 2023. EBITDAL per visitor
decreased from € 3.83 in the first half of 2023 to € 2.65 in the
first half of 2024.
- Total profit
amounted to € 0.1 million, compared to € 20.8 million in 2023.
- Free cash flow
amounted to € 12.5 million.
- Net financial debt
(NFD), excluding lease liabilities, increased by € 13.6
million from € 378.3 million as at 31 December 2023 to € 392.0
million as at 30 June 2024.
Eddy Duquenne, CEO Kinepolis Group, on the first half of
the year:
“The strike has further delayed the recovery of
Hollywood's offerings, and we note that the impact of this is
mainly felt in the period up to and including May. As of June, new
major releases such as ‘Inside Out 2’ and ‘Deadpool &
Wolverine’ are breaking new Box Office records, setting the tone
for an autumn with a better-filled film calendar.
Our strategic commitment to customer experience
continues to deliver very positive results, including in North
America. I am also particularly proud of the successful
organisation of our first Kinepolis Innovation Lab Summit, which
provides a new momentum on creativity and innovation from the
floor.”
Interim financial report
attached.
1 Figures from 1 January to 30 June 2024.
Kinepolis (EU:KIN)
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